The operators of the Hong Kong Stock Exchange (HKEX) have made a bid to buy the London Stock Exchange in Britain.

The Hong Kong Exchanges and Clearing Limited announced on Wednesday that it made a "proposal" to the board of LSE Group (LSEG).

This would see the two companies combined into one entity.

The board of HKEX says it believes a proposed combination "represents a highly compelling strategic opportunity to create a global market infrastructure leader."

"The proposed combination would strengthen both businesses, better position them to innovate across markets and geographies, and offer market participants and investors unprecedented global market connectivity", it adds.

Under the proposal, HKEX would offer 2,045p (2,295c) in cash and 2.495 (2.800c) newly issued HKEX shares.

That values each London share at 8,361p (9,384c), the Hong Kong bourse said in its statement.

2016 file photo of the London Stock Exchange | Image: Nick Ansell/PA Archive/PA Images

This would mean a value for the entire London Stock Exchange, on the assumption that the listed share capital is made up of 354,471,415 shares, of approximately stg£29.6bn (€33.2bn).

Laura Cha, chairman of HKEX, says: "We believe a combination of HKEX and LSEG represents a highly compelling strategic opportunity to create a global market infrastructure group, bringing together the largest and most significant financial centres in Asia and Europe.

"Following early engagement with LSEG, we look forward to working in detail with the LSEG Board to demonstrate that this transaction is in the best interests of all stakeholders, investors and both businesses".

The board of LSEG said it "notes the announcement from Hong Kong Exchanges and Clearing Limited".

It confirmed that HKEX made "an unsolicited, preliminary and highly conditional proposal".

However the board said it will consider this proposal and will make a further announcement "in due course."